When an individual creates an estate plan, they are preparing for what happens to their assets after their life is over. In the process of creating an estate, an individual must appoint someone to take care of these wishes. This person is called an executor. An executor is in charge of administering an estate so that it may be handled the way it was intended to be. Being an executor is a very important job because they are being trusted to take care of the deceased’s cherished possessions and final wishes. An executor has many responsibilities. When the individual passes away, these responsibilities begin and the executor can start the estate administration process.
What Does an Executor Do?
An executor has the responsibility of taking care of an individual’s assets after they die. They must ensure that the estate is handled properly. The first job of an executor is to offer the will to probate so that it may be approved by the court. When it is approved, they are then required to handle any finances. This may include any payments or taxes that still need to be taken care of. To make these payments correctly, the executor may have to sit down with attorneys or accounts who can guide them. One of the most important tasks an executor must complete is making sure all assets are distributed to their beneficiaries. If any issues arrive or if the will is contested, the executor must resolve the problem.
It is possible for an executor to be removed from their position if they are not doing the job correctly. This may include any corruption, negligence in handling the estate, or if they are not acting in the best interest of the estate plan. If this happens, a motion may be filed to have the executor removed from their position and a judge will come to a decision. If the executor is removed, a judge may replace them with a new individual to complete the remaining responsibilities of the estate.
Choosing an Executor
When an individual creates an estate plan, they must decide who will administer the plan when they die. Choosing this person should be considered very seriously, as it is very important and can be a difficult job. This person should be someone you trust to handle a very overwhelming and time-consuming job.
Contact Our Firm
If you are looking to create an estate plan and wish to appoint an executor to your will, contact Velasco Law Office today.
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.